Press Releases

New Data Reveals: CIT Group’s Financial Freedom is Responsible for Nearly 40% of HECM Reverse Mortgage Foreclosures (More Than Twice its Estimated Share of the Market) Since April 2009

California Reinvestment Coalition Calls for Moratorium on Reverse Mortgage Foreclosures by CIT Group April 27, 2016- San Francisco: Earlier today, the California Reinvestment Coalition called on the Department of Housing and Urban Development (HUD) to impose a moratorium on any additional reverse mortgage foreclosures by CIT Group and its…

Read More

FHFA’s New Principal Reduction Policy: Way Too Little, Way Too Lat

FHFA’S NEW POLICY REPRESENTS ONGOING LOST OPPORTUNITY TO HELP AMERICAN FAMILIES KEEP THEIR HOMES. Responding to news from FHFA about the agency’s new principal reduction policy, Kevin Stein, associate director at CRC released this statement: “Today’s announcement by FHFA that principal reduction loan modifications will be available on a…

Read More

CRC Comments on Goldman Sachs and US Dept. of Justice Settlement

$30 MILLION IN RELIEF PROMISED TO CALIFORNIA COMMUNITIES BUT STRUCTURE OF SETTLEMENT COULD BE IMPROVED In response to a newly announced settlement between the US Dept. of Justice and Goldman Sachs, Kevin Stein, associate director at CRC, issued the following statement: “This settlement includes provisions that can be positive…

Read More

California Reinvestment Coalition Negotiates $8 Billion Community Benefit and Reinvestment Plan with BBCN and Wilshire Banks

LOS ANGELES COMMUNITIES WILL BENEFIT FROM BANK’S NEW COMMITMENT APRIL 6, 2016-Los Angeles— The California Reinvestment Coalition announced today they have negotiated a Community Reinvestment Plan with BBCN and Wilshire banks as part of their merger, providing $8.1 billion of loans, investments and financial services in historically marginalized communities…

Read More

California Community Leaders Respond to CIT Group’s New Commercial Business Focus

Communities evaluating strategic plan and weighing options to weigh in with regulators on implementation of plan as bank seeks approvals Los Angeles- March 23, 2016— After a year-long merger process marked by staunch opposition from over 100 community groups, CIT Group announced a new strategic plan today focusing more…

Read More